Andhra Bank to expand nationally
Bhubaneswar, Jan. 31: Andhra Bank, which has presence in 22 states at present, wants to acquire pan-India character by opening up branches in rest of the states by the end of the next fiscal.
Speaking to reporters here, Mr A.A. Taj, executive director of Andhra Bank, said the bank had opened 112 branches in the last nine months, predominantly in the northern and western parts of the country. It intends to open similar number of branches in the coming fiscal as well.Mr Taj said the bank was looking at expansion of its clientele by focusing more on retail customers. “Today, Andhra Bank is well placed. Our liquidation position is quite strong. This will help us expand our network to other parts of the country,” he said.Apart from expansion plans, the bank would also actively push on two other fronts, financial inclusion and credit to micro and small enterprises (MSMEs). Andhra Bank has so far supplied 50,000 smart cards to the poor and this number is expected to double. The bank’s total lending to the MSME segment stands at Rs 4,550 crore — up 53 per cent over the year before. About an increase in interest rates, he said, “I don’t see any reason for increasing or lowering the interest rate before the coming June. However, nothing can be said authoritatively since this depends clearly on economics.”
AGE Correspondent
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